Whether it’s a bad breakup, unseemly family heirlooms or simply financial troubles, selling gold is an easy way to make some quick cash. However, it’s important that you actually get the amount your gold ring is worth, and aren’t taken advantage of by unscrupulous buyers with intimate knowledge of the gold industry but not enough morals to match.
Where is the best place to sell your gold ring?
Here’s some guidance on the best place to sell your gold ring for what it’s worth.
1. Local jewellers
One option for selling your gold ring is to visit a local jewellery store. While you might not have luck with the bigger chains of jewellers, there will be independent jewellers that are willing to buy. To avoid wasting your time, it’s best that you call ahead and enquire.
Advantages of selling to local jewellers
You can get instant payment for your gold ring.
There are no shipping costs involved.
You can negotiate your price in person.
Disadvantages of selling to local jewellers
You have to search for a jeweller that does buy gold rings.
You’re unlikely to get a high price as jewellers will need to factor a higher markup for rental and other costs.
Tips for selling to a local jeweller
Call ahead to check that the jeweller does buy gold.
Visit a few locations to get the best price.
Take your ring box, any certification and receipts.
Don’t accept the first offer if you feel it is too low.
2. Pawn shops
Traditionally a first stop for selling gold rings is a pawn shop as they are willing to buy almost any gold in cash. You should be able to find a local pawn shop in any town or city, but there are also pop-up stalls in most shopping centres where you can sell your gold jewellery for cash.
Advantages of selling to a pawn shop
As with a local jeweller, you will get same-day cash for your gold ring.
There are no shipping costs involved as you’re selling direct.
Because of the nature of pawn shops, the buyer is not necessary an expert in gold pricing.
Pawn shops have to cover the operational costs which means you will often get a lower price.
Tips for selling at a pawn shop
Visit a few pawn shops to get an idea of pricing before you sell.
Be prepared to negotiate the price – if you’re not good at this, take someone with you who is.
Have an idea of the price of gold so you’re not going in blind.
Bring your ring box, any certifications and receipts.
3. Online
One of the best places to sell your gold ring is online, through a reputable organisation such as Divorce Your Jewellery. Unlike pawn shops and local jewellers, online buyers don’t have the overhead costs of rental, which means they can afford to pay a bit more for your jewellery.
Advantages of selling online
As mentioned, you can fetch a higher price for that gold ring by selling it online.
They will often provide you with a free quote which allows you to shop around before deciding on the best price.
It’s a simple process of shipping to the buyer.
Disadvantages of selling online
It’s not as instant as selling in person but there’s usually only a 24- to 48-hour turnaround time.
You might have to pay a minimal shipping fee.
You need to ensure you’re going through a legitimate company.
Tips for selling gold online
Shop around for the best possible price.
Make sure you factor in the cost of shipping.
Check online reviews from other customers.
When you’re looking to sell your gold ring, the best place to do it would be through an online organisation such as Divorce Your Jewellery. Remember that you can check the ‘spot price’ of gold to get an idea of how much gold is trading for at the moment. The best time to sell is when the spot price is high, but if you’re desperate for cash, just make sure you’re not being taken advantage of!
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